BEIJING, Nov. 20, 2018 /PRNewswire/ -- Luokung Technology Corp. (the "Company"), one of the world's leading company in spatial-temporal big data technology, a leading interactive location-based services company in China, and a pioneer and leader of the railway Wi-Fi market in China, today announced that it has entered into a non-exclusive and non-legally binding memorandum of understanding ("MOU") with Honbridge Holdings Ltd. According to the MOU, Honbridge Holdings Ltd. intends to make certain investment in the Company. The amount and terms of the investment are subject to the negotiation, due diligence and preparation of definitive documentation to effect the transaction that is mutually satisfactory to both parties. The MOU has a term of six months.
Honbridge Holdings Limited ("Honbridge") is a company registered in the Cayman Islands and a company listed on the GEM of the Hong Kong Stock Exchange (HKEx Stock Code: 8137).
Honbridge is engaged in the dual-development of key components of new energy vehicle and iron ore resources.
Honbridge owns two lithium-ion batteries plants, which are located in Shandong province and Zhejiang province of China, major customers are Volvo Car and LYNK & Co., the batteries are technically leading in China.
Honbridge also owns a massive iron ore exploration rights in Brazil which is planned to be developed in different phase, the first phase of the iron ore project has a measured resources of 3.58 billion tonnes (16.63%) and will include mining and beneficiation facilities, with 27.5 million tonnes iron ore fines annual production capacity with an average grading of 66.4% in the first 18 years of production.
Given the development trend of going electric, intelligent and shared mobility in the automobile sector, while proactively exploring the lithium-ion battery business in a prudent manner, Honbridge will also consider seeking opportunities of merger and acquisition, investment and collaboration in areas such as battery charging and swapping, electric motor, electrical controlling, Internet of Vehicle, autonomous driving, shared mobility, high definition map and light-weighting of vehicles.
Luokung Technology Corp. (the "Luokung"), one of the world's leading company in spatial-temporal big data technology, a leading interactive location-based services company in China, and a pioneer and leader of the railway Wi-Fi market in China.
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor and media inquiries, please contact:
At the Company:
Mr. Jay Yu
Chief Financial Officer